LegalTech is the reaction to the disruption that technology is having across all sectors of the economy. Considering that the legal sector is one of the most resistant to change, due to its conservative nature, we can see just how different the future will be. In this course, IE professor Marti Manent will guide you through the essential stages of this disruption in technology, giving you the key tools and ideas to consider when starting your online business.
In the course, Marti explains the key market trends that you will encounter and will provide you with a handy practical toolbox. The course features interviews with industry professionals as well as very motivating and interesting lectures that will help you open your mind and better understand everything in the course. Be part of this disruption that technology is having in the legal sector and join Professor Marti during this exciting new course.

Enseigné par

Marti Manent

Professor

Transcription

The business model. Okay. We have a great idea and now we want to earn money. We want to collect money. What we need to do is to have a great business model. In the legal sector, I have explained that the most common business model is selling time, is selling hours. If you come to a law firm, you're going to ask for a document, for advice or for a lawyer to help you. And the normal way that 10 years, 20 years ago the service was charged by hours. Then one person has a limited time of hours each week, each month, each year. That is a limited business. If you want to change the business model in the legal tech business, there is a radical, different approach. You sell products or you sell subscription. You sell products like, "Okay. I just want a will," "I just want a contract," "I just want a legal form." Then you pay for it. If you produce that document once, you can sell it thousands of times and you only have the cost to produce one time. Then the margin is amazing or could be amazing. Or, for example, in a subscription model you have to prepared 100 number of legal documents and you make an offer to your customer to say, "If you pay each month a subscription, you can access, for example, five documents each month." It is a subscription model. It's radically different to selling hours. Selling hours business is a limited business. If you want to grow, you need more people. You need more lawyers in your team. Instead, if you are selling products or selling products as a service, of legal services, that it's amazing huge and you could have the same number of people, here have been approaching like, "Okay. I want a legal pack of services." What does it mean? You pay your subscription and you get one question, three documents and one assistant per month. That is a similar business like, for example, a gym. If you go to a gym, you pay each month and the people go or don't go. And here is the thing, if you pay a subscription for a legal services you can use or not use, but you can grow without contracting more employees. And what is the next step in legal tech? The next step in legal tech is, okay, what kind of job that nowadays is done by lawyers can be done instead of person by software or by robot? That is a new business model because the investment is not going to be hours. It is not going to be more lawyers. The investment is going to be more technology. That is the new business that you can have with legal tech. Oldest business models that you can apply and you can add a lot of money. You need to buy to your idea, to your startup, to your project. Yes, you have a project in mind. Let's think. Okay, how are you going to get the money from my customers? Pay per view, pay per document, subscription model? That is a great business decision. And once you have that decision made, do you need to protect? And in the next video, I will explain how you can protect your business idea.